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The Growing Need for QA Testing in the Fintech Industry

Financial Technology, otherwise known as “Fintech”, has made a remarkable industrial revolution for financial institutions across the world. With this technology, financial institutions have benefited massively from Fintech software and apps that improve financial operations. 

Today, the Fintech industry has become so big that they’ve started adopting Blockchain, Artificial Intelligence (AI), and Machine Learning (ML) technologies into their operations. 

With these technologies, software developers can build quality software and applications for financial transactions. While Fintech firms have embraced the use of Fintech apps, they do have downsides that can cause financial implications. Especially when they are not tested for quality. 

Due to the financial risk associated with Fintech apps, there’s been a growing need for Quality Assurance (QA) testing in the industry. Many financial experts are now enrolling in quality assurance classes to gain the necessary knowledge needed to adopt QA testing.  

Why is QA Testing Needed in the Fintech Industry?

The growing need for QA testing in the Fintech industry cannot be overemphasized. It is projected that the global Fintech market will witness a massive improvement by 2025. While businesses and financial institutions are following this trend, there’s a need for them to improve the experience of interacting with Fintech software and applications. This is what quality assurance help to achieve.

Fintech applications need to go through intense QA testing to ensure efficiency, safety, and high performance. Without QA testing, fintech apps can result in huge losses in the event of a cybercrime compromise. End users can also take advantage of loopholes in the applications.

The Procedures of QA Testing in the Fintech Industry

Just like any other field, there are procedures to follow when implementing quality assurance testing of Fintech software and applications. A quality online QA course will give you an in-depth understanding of these procedures but it’s necessary to list them in this section. 

Here are the basic procedures of QA testing in the Fintech industry; 

  • Requirement Gathering
  • Requirement Review 
  • Functional Testing 
  • Database Testing 
  • Security Testing
  • User Acceptance 

It is crucial to follow these procedures when testing Fintech software and apps. However, you may want to consider enrolling in quality assurance classes to understand the intricacies of the implementation process.

The Function of QA Testing in the Fintech Industry

QA testing implementation has benefited financial institutions in mobile banking, loan allocations, insurance planning, electronic payments, and wealth management. 

Here’s a brief look at what QA testing offers the Fintech industry; 

  • Security: 

Financial institutions prioritize the security of their customer’s financial valuables and assets. So, QA testing is implemented to validate the security of Fintech software and applications. These applications are put through rigorous tests to scrutinize areas of vulnerabilities. 

  • Usability: 

Fintech firms prioritize the user experience of Fintech software and applications. QA testers with adequate QA tester training and placement are required to test the usability of Fintech apps. They simply ensure that the user interface of Fintech apps is friendly and easy to navigate. 

  • Data Protection: 

Data protection is very important in the Fintech industry. So, QA testing is meant to protect and manage data during the testing phase. 

  • Compliance: 

The transactions of financial institutions are mostly governed by the rules and regulations of the country where they’re located. Hence, QA testing is needed to ensure Fintech apps comply with strict regulations. It is wrong to put out products that don’t adhere to the regulations. 

  • Accessibility: 

Fintech apps must be easily accessible to every user. So, quality assurance testers with quality QA tester training and placement are required to test Fintech apps for accessibility. They check to ensure that the software developers create products that are all-inclusive across the board. This means users with disabilities or physical impairments can still use these financial applications. 

The Benefits of QA Testing in the Fintech Industry

Here are some of the major benefits of QA testing in the Fintech industry; 

  • QA testing is implemented in the Fintech industry to ensure the performance, compatibility, reliability, and security of Fintech software and applications. 
  • QA testing is beneficial in the Fintech industry because it increases test coverage, thereby improving the quality of apps and ensuring quality standards are met. 
  • QA testing improves the collaboration between the development team and the testing team. This reduces the time spent between the development and marketing stages. 
  • QA testing is important in the Fintech industry because it ensures that Fintech software and applications are free of bugs and defects. This will make the apps great for use. 

Conclusion 

The growing need for QA testing in the Fintech industry has been carefully analyzed in this guide. As we continue to experience digital transformation, financial firms and institutions will need quality applications that are effective and safe to use. Hence, QA testing will remain relevant in the Fintech industry for years to come. 

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